Local News

Recession nearly over? Some analysts think so

Posted September 23, 2009 9:52 p.m. EDT
Updated September 24, 2009 5:43 a.m. EDT

— Some financial analysts have recently said that the recession is nearly over and the economy will be on solid ground within the coming months. That is good news for people seeking work in the Triangle.

Around 3,500 job seekers attended the WRAL JobLink Career Expo at the Raleigh Convention Center Wednesday. A lot of people at the event have been searching for jobs for months.

“It is humbling because you think you never have to worry about it,” job seeker Dan Wilber said of being out of work.

“I’d been there 29 years,” job seeker Wesley Layton said of his former company.

The unemployment rate in North Carolina is down from its peak in the spring, but finding a job is still not an easy task.

“I'm 29, and I’ve had a job since I was 16. Now when it is time for my career to be in focus, I’m out of work,” job seeker Crystal Perry said at the Career Expo.

“I mean you hear it on the news, but then when you actually come out here (Career Expo) and see how many people are looking, it is a reality check,” job seeker Sharon Thorpe said.

“It is real life, and it is painful,” investment planner Gerald Townsend said Wednesday, of looking for work during a recession.

The state’s unemployment peaked at 11.1 percent in May but since then, has slowly slid to 11 percent in June, 10.9 percent in July and 10.8 percent in August. However, U.S. unemployment increased in August to 9.7 percent from 9.4 percent in July.

Historically, when unemployment is at the highest, Townsend said it signals the end of a recession.

“When ... you have cutbacks, your inventory is low, you are undermanned, (and) understaffed. Then all of a sudden, there is a big snap back effect because now orders are coming in and you have got to fill those orders,” Townsend said.

Many companies at the Career Expo said work is picking up and that they expect to have more job openings in the months to come.

“It was a little bit tough at the beginning of the year. It was a little bit slow and now we are starting to see an increase in our workload,” said Terry Prince, with Hipp Engineering.

Morrisville-based Hipp Engineering had representatives at the Career Expo. The company is looking for contractors to work with clients in the pharmaceutical and bio-tech industries.